The only sure way to know if you need a trust is to consult with a competent estate planning attorney. Some examples of why you may need a trust are:
- You have minor children and want to provide for their care and financial support.
- You own real estate in a state other than your state of residence.
- You are in a second marriage and want to provide for your spouse for his or her remaining lifetime but want to insure that your assets will be distributed to your children following your spouse’s death.
- The value of your assets requires a trust coordinated with applicable estate and gift tax laws.